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  • Charlotte Tsang

Russia’s tensions with Ukraine


A home in 2030 can become completely detached from traditional fuels and in turn benefit not only the environment, but also household bills.’Investors taking a bottom-up securities selection approach are likely able to uncover companies that could benefit from structural changes through a robust, intellectual and disciplined framework.BentallGreenOakFor older buildings, retrofitting a home is not an easy task, but it is essential to achieve these targets.Information technology valuations have shown a marked divergenceFrom the use of renewables such as solar power to the latest technologies, including heat pumps and smart meters, the homes of the coming decades will need to become net zero. This is important for both environmental reasons, so as to keep global warming below 2 degrees, and for social reasons, given the volatility of oil and gas prices.Given the rising cost of raw materials needed for building energy production facilities, coupled with supply chain issues, companies involved in the energy transition story may experience pressure on their bottom line.

Mitigating risk through a multi-asset approachThe production cost of renewable energy is expected to decline further as technological advancements in battery storage and electricity grids continues.Long-term trends support semiconductor demandHankow RoadAnnounced capacity additions have mostly been in the logic foundry space and are centred quite heavily on China. We are less concerned on the memory side given high industry consolidation and large barriers to entry.Despite the current fossil fuel issue, energy transition is already an inevitable trend given the increasing challenges of climate change and energy supply shortages.At the same time, countries will be financially discouraged from using gas boilers in buildings, and will have the power to ban the use of fossil fuels altogether.Schroders CapitalEnergy transition is closely related to “environment and sustainability", and we have been optimistic about this theme since early this year.Tsim Sha TsuiInvestors should be mindful that risks are still in play, including geopolitical tensions and the possibility of stagflation, all of which points to a potential low growth, high inflation environment.This not only creates a favourable environment for accelerating energy transition, but also presents long-term opportunities for investors.Buildings remain the largest energy consumers in Europe, making up 40% of the total energy used, and emitting 36% of greenhouse gas as most of them are still powered by fossil fuels, according to the EC.So, although we would never say the semiconductor industry isn’t cyclical, it is in our view a cyclical industry that has a strong long-term growth outlook.

The average EV has semiconductor content of c.US$1,000, given all the semiconductors needed to manage the battery, powertrain, driving and cabin functions. This compares to c.US$400 on a typical combustion engine vehicle (figures from ST Microelectronics, the French chip maker).Similarly, 5G mobile handsets require huge numbers of extra chips to manage the power and connectivity functions and, in most countries, we are at the start of the replacement cycle.Alexander Monk, portfolio manager, global resource equitiesBitmapBitmapBitmapBitmapBitmapBitmapThe buildings in which we live and the energy they consume play a fundamental role in the process of decarbonisation.From an investment standpoint, there are hundreds of EV start-ups in China and around the world, and it’s very difficult to gauge which ones will succeed and which will fail. What we do know is that all the cars they produce will consume an enormous amount of semiconductors.We are, however, not overly concerned for the broad industry.Following the invasion of Ukraine by Russia, the European Commission (EC) has launched the ‘REPowerEU’ initiative.Elsewhere, China is also a powerhouse in driving the energy transition story.‘Decarbonising homes is a very important task in the energy transition process.

From a macroeconomic perspective, we expect high energy prices to persist, which could elevate this year’s global inflation from 3.8% in our November 2021 forecast to 4.7%.Global leaders at the COP26 Climate Summit have pledged to step up their efforts in tackling climate change with environmental policies that could achieve a green, low-carbon future. The Russia-Ukraine conflict has brought the fragility of the global fossil fuel supply to the forefront, and further highlights the importance of transitioning to the use of economically viable, reliable, and clean renewable energy.But what of worries about supply? Semiconductors have been in high demand, leading to near-term shortages but also to plans for rapid capacity increases. We do expect to see oversupply in certain areas given the large number of plans for new semiconductor plants that have been announced.As one of the fastest-growing countries in renewable energy production, China has announced a series of ambitious targets, such as reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060.Going back to the chart above, we think investors in Asia have perhaps focused too much on the short term and are missing the long-term trends.As one of the world’s major oil and natural gas providers, Russia’s tensions with Ukraine not only disrupted energy supplies, but also triggered shockwaves in commodity markets.Green hydrogen produced from renewables, although is still in an experimental phase, is a potential solution: solar energy can produce hydrogen, which can then be stored and converted back to electricity.Lofter GroupTech innovation and policy to drive further developmentYet the disconnect in valuations between Asian and global tech valuations has never been larger than in the past few months (see chart below).

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李小龍出生於廣東省的一個小村莊,這個村子被青山環繞,村民們世世代代以務農為生。李小龍的父親是村中的一名鐵匠,母親則是一位賢慧的家庭主婦。李小龍自小體弱多病,但他有著一顆堅強的心。每當身體允許,他便會在村裡的樹林間奔跑,模仿著父親教他的一些簡單的武術動作。 李小龍的父親曾是村中的武術高手,但因為一次意外,他的腿部受了重傷,再也無法像從前那樣自由活動。儘管如此,他仍然熱愛武術,並將這份熱愛傳給了李小龍


發展過程: 籃球是一項相對年輕的運動,其發明者是詹姆斯·奈史密斯(James Naismith)。1891年,奈史密斯在美國麻省春田學院為了解決冬季室內運動的需求,創造了籃球運動。他設計了13條簡單的規則,並在體育館的兩端各掛上一個桃籃,作為投籃目標。這便是籃球運動的起源。 早期發展 籃球運動誕生後迅速普及,首先在美國各地的學校和體育俱樂部中流行起來。1893年,首場女性籃球比賽在史密斯學院舉行,


足球 (Soccer) 發展過程 足球,亦稱“世界第一運動”,有著悠久而豐富的歷史。其起源可以追溯到公元前二、三世紀的中國漢朝,當時稱之為“蹴鞠”,這是一種用皮製成的球進行的踢球遊戲。類似的遊戲在古希臘和羅馬也有出現。 現代足球的起源 現代足球的起源地通常被認為是英國。在19世紀初期,足球在英國公學和大學中非常流行,但各地的規則有所不同。1848年,劍橋大學的學生制定了一套“劍橋規則”,這是現代足


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